Insurance Blog

The moment one has started his or her own small business, the only goal that he or she want to attain is to have the business grow successfully. However, there can really be some times that a certain business success can be affected with some event under our control, and here is where the business insurance will take in place.  Business insurance is an insurance product that is designed to accommodate a small business needs or interest. It also often called as a commercial insurance.

Since designed for small business, each business’ insurance needs still differ from each other. However, there are still series of insurance products that every business needs in common. These insurance products can probably be those that can protect every business from a common risk and these products include:

Commercial property insurance – this is an insurance product that has the ability to provide coverage for the business’ building, contents, stock, and equipment against loss or damage. Aside from the loss because of a certain inevitable incident, this coverage usually is paired up with business interruption coverage, which is on the other hand responsible in compensating for the loss of income incurred while the business is closed.

Comprehensive or commercial general liability (CGL) – this CGL insurance is another business insurance product that is designed to cover the business from any injury or damage to other people. An example of the incident covered by CG is once a client or customer has an injury within the business’ premises or if a company’s employee damages a certain property at the clients’ or customers’ site.

Errors and omissions or the Professional Liability is another insurance product that every business owners commonly need to have. This insurance coverage is important to those who are dealing a business in behalf of their clients. The professional liability insurance will cover anyone dealing with customers on their behalf protecting the person from a customer’s claim of harm or cost of money due to the claimed errors in dealing with the business.

Accounts Receivable Coverage is one of the business insurance products that every small business must have. This product is the one responsible for when business records are destroyed or damage by a covered peril and hinders the company from collecting its collectibles. The collectible amount will then be covered by the accounts receivable coverage and the expense incurred for the reconstruction of records and extra collection fees. One must not though that this coverage does not include the physical value of the record itself, but only the collectible amount.

Crime Coverage and Fidelity bonds are another important insurance product that will help every business owners protects themselves from losses due to crime particularly the crime coverage. Crimes covered include burglary, robbery, or theft. Fidelity bond on the other hand will cover each business owner from theft committed by his or her employees like stealing for some money, equipments, or other assets from him or her also known as first-party fidelity or his or her clients also called as the third-party fidelity.

Each overseas worker knows and understands that one’s travel insurance company will cover them if something unfavorable will take place while abroad. These claims or coverage includes a heart attack, a burning hotel with the workers suitcase inside, a stolen car rental, and much more. However, beyond the knowledge of many of us, insurance companies are also covering some weird claims like if a monkey made its way to one’s window and stole one’s personal belongings. A trip back to origin will also be covered when the hotel where a certain client stayed ends up being infested with fleas. On the other hand, if his or her goat has destroyed one’s documents, the insurance company will also cover for it. Sounds odd though, but these are just a few of the strangest travel insurance claims.

Below are just a few of the strangest situation wherein insurance claims are being paid.

Monkey Madness – there was a couple staying in Malaysia that left their chalet window open as the left out. When they return to their hotel, what they have found out are monkeys entering into their room and stole many of their clothes and some of their personal belongings. In order to give the couple a comfortable stay on the adjacent jungle, their claim was paid.

Sick of the Sea – this is just another odd claim that has been successfully covered by a travel insurance company. There was once an elderly man who is suffering from a terrible seasickness in a cruise ship making him to vomit over the side until his false teeth came out. The elderly man then claimed the cost for his teeth replacement from his travel insurance and was successfully paid.

Toupee or not toupee? – this one of a kind weird claim is just one of the incidents covered by travel insurance companies. Situations under this claim is just like when a traveler had a good chat with a friend on the beach and suddenly a gust of wind carried a several hundred pounds and his insurance company paid toupee. This claim can be a little bit pricey for claims can be at least £50 in excess of the claimant’s policy.

However, despite of the paid odd claims, there can also be some similar incidents that are not being paid.

One great example of it is when a family that stays in a country house in Black Forest in Germany has left their door open when they left. When they came home, they found out a wild goad entered into their home and destroyed their wallets and passports. Surprisingly, their claim was rejected while the situation is just the same as those staying in Malaysia.

Another weird claim is when a family camping in a remote area of Wales and have incurred some cost when a parachutist unexpectedly landed on their tent and had destroyed their equipments. Sadly, the family’s claim for accidental damage to their travel insurance company was not covered.

It is an immediate acts for every offices to have their properties insured, thus seeking for a property insurance. However, despite of it, there are still a lot of people who do not fully understand the basics of property insurance.
Property insurance is the type of insurance that covers a certain business building and its contents including money and securities, accounts receivable records, inventory, furniture, machinery, supplies, and those intangible assets like trademarks, if ever damage, theft or loss occurs.
Every insurance company has its own offers. Some offers by named perils like fire and theft. Other insurance company offers a policy that covers multiple perils. Normally, basic multiple-peril policies cover losses that are caused by theft and fire. However, business owners are given the chance to purchase additional coverage if they need it.  One great example of additional coverage is a coverage for snow, ice or sleet damage for those businesses in the East Coast and an earthquake insurance policy for those businesses on the West Coast. One must note though that businesses with good loss control measures and claim histories normally pay lower insurance premiums compared to those companies with risky procedures and poor claim histories. Steps in preventing for a damage or loss to occur like hiring security personnel to prevent shop lifting, having an sprinkler system installed to prevent fire or having an alarm system to protect the properties form theft are of big help in lowering the cost of property insurance.
After knowing the basics of property insurance, it is now time for us to get knowledgeable about the types of coverage this type of insurance has. Majority of the businesses are buying their property insurance through a business-owners’ policy or the one that is called the BOP. This type of coverage bundles property and liability insurance into a single policy. With the lower coverage amount the BOP has compared to a standard property insurance policy, most of the companies that require more coverage choose to have a separate policy.
Two types of the optional coverage in a property insurance policy that has the ability to protect the business after a certain loss or damage occurs are the business-interruption insurance and the extra-expense insurance. Wherein the business-interruption insurance is the one that cover the expenses like salaries, taxes, debts, and the losses incurred due to the interruption of the business operation.
The extra-expense insurance on the other hand is the one that will cover the expenses incurred while temporarily relocating a certain business when the covered peril occurs. One of the great examples of this is when a fire occurs and destroys a certain store, the extra-expense insurance will now pay for the expenses incurred to resume the operation like buying and leasing of new equipments, purchasing for new merchandise and notifying the customers for the changes of the business operation due to the incident.
With information mentioned above, hopefully, many of us are now oriented with the basics of property insurance and its type of coverage.

In a business, purchasing an insurance policy is necessary. However, have we all looked and read what are stated in each policy that we purchase? CGL is just one of the most common forms of insurance product that every business owner is purchasing. Have you come to question what a CGL insurance is and what are its coverage? Below are a few of the helpful information about CGL.

A CGL or commercial general liability is an insurance coverage that has the ability to protect your business in cases when you are sued. Generally, CGL is used to cover any claims against your business for any injury or property damage life if one client is injured in your business premises or if one of your employees causes damage to a client’s site.

If you run your business without a CGL insurance policy, you are like leaving you and your business at risk to lawsuits that will surely have impact to your business operation. Since lawsuits are more common everybody thinks, it made the common general liability the most popular business insurance product to every business owners.

CGL Coverage

Under the standard Commercial General Liability or CGL policy, there are four main types of coverage including the bodily injury and property, damage liability, personal injury liability, medical payments, and the tenant’s legal liability intended to those who rented their workspace.

Bodily Injury and property damage liability will be in use when your company, products, employees or anything and anyone connected to your company causes damage or physical injury to a person, property or belonging of your client and was held responsible for the said event. This type of coverage will then be the one to cover or pay the compensatory damages. However, one must note that there are also some incidents not covered by bodily injury and property damage liability and this include those punitive damages or an incident where you are ordered to pay money as a form of punishment. Another excluded incident is an intentional injuries or damage, injuries or damage committed from the use of your commercial automobile, injuries to employees or damage to their property, and damage to property you own.

A personal injury liability on the other hand is used when a damage occur as a result of libel or slander. One must keep in mind that CGL is a liability policy that covers the company when sued or accused of libel or slander. Situations not included by personal injury liability include a statement that is known to be false and damages caused by illegal offences.

Medical Payments is another type of CGL coverage that covers a person’s minor medical expenses caused by an accident at your premises or due to your company’s operations even if you are not held liable as prevention from being sued.

Tenant’s Legal Liability will be the one to cover to put back the property of your rented place or office in-case you are held legally responsible for the cause of the property’s damage.

Now that you know what a CGL is, keep your business safe from lawsuits by purchasing one.

Purchasing our home is one of the most important decisions that we made and are going to make. However, how will we know that the property we have purchased has a clear title? Here is where the title insurance will enter. Since unknown problems on a property can be hidden from the title, many of the homeowners prefer to have a title insurance company for property title insurance.
The title insurance that is provided by a title insurance company is an insurance policy that guarantees a certain titleholder that the property title he or she is holding is fee from hidden liens and claims. The insurance company is the one that is responsible in researching for the public records of the property to ensure that the title is free from ownership and history problems. The fee for this type of insurance policy is normally included in the itemization of the final or closing cost from the lender and is a one-time fee only.
For us to be aware of the possible hidden title problems your title insurance company may find can be some errors and omissions in deeds, mistakes in examining records, forgery, undisclosed heirs, liens for unpaid taxes and liens by contractors.
Due to the possible problems mentioned above, titles insurance companies are being paid for them to search problems in a certain property title. All they have to do is to examine public records and search records for deeds, mortgages, wills, divorce decrees, court judgments, tax records, liens, claims, and maps.
Through this search, the insurance company can now assure to the new owner that the property title he or she has is clear and has no outstanding debts or unknown ownership issued being associated with.
Aside from assuring the property owner of a clear title through the research done, the title insurance company also insures the property owner as long as he or she owns the property. This only means that if ever a problem will arise in the near future, the title insurance policy will cover the legal fees to defense the property that is covered under a certain title policy.
Now that you already have the idea of what title insurance and a title insurance company is, it is not true that you will only depend on the company that your lender will provide and puts into your closing papers. One must take note that a buyer has the right to choose his or her own title insurance company.
Before finally settling into a certain property title insurance company, it is important to shop around to make sure that you have landed for the right title insurance company. In this way, one can also shop for the right price and thus save on the possible expenses that he or she will incur for the said service.
Avoid being fooled around when buying a property, save your money and probably your life through the service of the right title insurance company and have a clear property title.

Before purchasing our car insurance, it is important to shop around first in order to land with the best and the most suitable one. However, how will we know if we already have found the right and the best car insurance offer for us? One of the best ways to know is the compare different car insurance quotes. How will do that, let us all know together. If you are looking for your car insurance quotes online, then, the following steps to compare online car insurance quotes are mentioned below.
Using those comparison websites can be of big help when looking for the best car insurance quotes, as through these websites you will get to have an idea about each of the insurance companies. In addition, through these websites, one can get simultaneous quotes free of charge. These comparison websites have the user-friendly tool that searchers like you can use to achieve your estimates. All you have to do with these websites is to enter some required information like your name, address, age, gender, vehicle make, year, and model. From there, you will already have access to various quotations from different insurers, and you will get to view these insurers side by side looking at the rates and coverage that these insurers are offering. In this way, one will have a better chance of choosing for the right one. One must note though, that providing too much details like your social security number or drivers license can be done when dealing directly with the insurer or with the provider.
Another way of comparing online car insurance quotes is to compare their teen coverage.  This can be great if you will have your teen driver drive your car or his or her own car. A new policy or not can be determined as to whether your teenager will be driving your car or another car. If he or she will drive your car, you can have your teenage driver added to your coverage policy and have your monthly premium raised a little bit or a lot depending on your insurer. We all know that teenage drivers are prone to accidents according to study, which results into higher premiums. One of the best ways to save on your teenage car insurance is to look for insurers that offer discounts for good grades and for those who took extra driving classes.
Another way of comparing car insurance quotes is to look over the type of coverage and benefits that they are offering and determine those that can give you the most at the best rate. Knowing the type of auto protection and the amount of benefits you want to buy will help you determine how much your possible premium will be. With the use of the web tool from the comparison websites, you can easily get the figures and finally decide which insurer to choose.
From then, you can also start looking for other available coverage options, which you think the best for you or your teenage driver.

To encounter an accident can be one of the worst experience that every traveler would and would definitely do not want to experience. However, eventually every motorists will definitely their co-motorist the moment and unwanted incident will happen. In addition, filing for a car insurance claim can be another horror that one will experience. In order to make filing your car insurance as smoothly as possible, below are some of the simple to follow steps.
The first thing that you should do is to understand your policy. Sitting down and carefully reading your insurance policy will definitely provide you a better understanding. If you have some questions in mind or some clarifications, it is better to call your agent or your insurance provider.
It is also important that you will check to make sure that everyone is ok and know if there are who need medical attention. Even those minor injuries need to be checked, for they can be major long-lasting injuries. You can have them checked with your family physician or at the nearest hospital.
The next step that you should do is to exchange information when you are involved in an accident. You must then get some important details like the other driver’s name, address, phone number, insurance carrier, and the insurer’s contact number. You must also be ready to provide some details about you to the other driver. You may find your insurer’s contact numbers at your proof-of-insurance cards that you are carrying daily or every time you drive.
Identifying some witnesses is the next step that you should do. Asking for their names and contact numbers can be of big help in case their account of the accident will be ask or needed.
After doing all those steps mentioned above, the next thing that you will be doing is to file an accident report and contact some law enforcement officers to have the accident report prepared. If ever the law enforcement officer is not available, you may then head to the nearest police department, sheriff office, or local Department of Motor Vehicle to get your accident reports and detailed instructions.
Next, you will now have to notify your insurer about the accident as soon as possible. You will then have an insurance adjuster to have the accident report reviewed and determined who caused the accident. If they found out that it is the other driver’s fault, you will then have either yours or the other driver’s insurance company shoulder the repair or replacements of your vehicle. If you are using the other driver’s insurance company, you need not to claim on your automobile policy and need not to pay for a deductible.
One must note also that releasing your insurer too early should be avoided. You just have to release your insurance company after the damages are settled to your satisfaction.
While dealing with the insurance company for the settlement you must then consider various factors like body injuries, damages, and appraisal clause.
With the simple steps mentioned above, claiming your car insurance can be smooth and hassle free.

More and more people now prefer to work abroad than on their own country especially those from the third world countries. If you are one of those who wish to work abroad, you must then be aware on how your job would affect your travel insurance.

Though designed to cover various incidents, there are also some insurance companies and agencies that does not offer to cover some of its members’ adverse events happening in your workplace, those medical emergencies that arise from work, or events like loss or theft of personal belongings while at your workplace. However, there are also some good travel insurance companies that offer to cover its members for most non-hazardous jobs like Bar Work, Admin Work, Public relations and marketing tasks, and those who are working in fruit picking.

In this regard, if you are one of those who are in jobs with higher risk of inherent hazards like nursing or mining, it is better for you to check with your travel insurance provider or company and ask them if they will have you covered and know if you will need to make an alternative arrangement.

When talking about documentation, it best for everyone to bring all of their notarized copies of important documents to avoid the need of making a travel insurance claim for cutting back his or her trip just because one forgot an important documents that is needed for one’s work. The following documents must be bringing along with all the time when traveling including a copy of birth certificate and marriage certificate if applicable. Copy of one’s citizenship papers, police checks especially to those who will be working with an elderly, children, and other social industries must also be brought along with. Another important documentation that should not be left behind when traveling for work are educational qualifications.

In most country, a work permit from the government is needed before a certain person or worker can legally work in his or her host country. It is the host country’s way of regulating overseas worker to prevent their local people from losing a possible job. If in some time one is caught illegally in one country, he or she will be fined and penalized with some amount. Therefore seeking a work permit before starting a job with a certain country will help every overseas working in preventing a need to make a travel insurance claim for shortening a trip.

Another document that one needs to provide is a driving license. Since working abroad may require one to drive on the said country, thus requiring them to seek a driver’s license. This is the reason why it is important to seek for an international driver’s license first before heading to the country where one will be working and carry it with them when travelling even in countries where tourists are allowed to drive even without the local drivers license. International driver’s license is available in places where local driver’s license is available.

A health savings account or HSA is maybe something new to some of us. This is also known as the Medical Savings Account for international users and is a great way to save some amount of money on medical and health insurance cost as it offers some helpful solution in controlling the high price of health insurance by paying less on your medical insurance and saving some money for your medical expenses. Allowing you to save much on your health care expenses in so many ways, health savings account is available to all taxpayers in the United States that are enrolled in a High Deductible Health Plan or HDHP.

One must keep in mind that a Health Savings Account is a one of a kind savings account that is tax-sheltered because at the time of deposit, the funds contributed to the said account is not subject to federal income tax. As a component of consumer driven health care, health savings account is unlike a flexible spending account wherein funds roll over and accumulate each year if not spent. With health savings account, a certain individual that differentiates them from a Health Reimbursement Arrangement owned by a company owns funds. The Health savings Account funds are used to pay for a qualified medical expense without any federal tax liability at any time.

Withdrawals made for non-medical expenses are treated the same as those in an IRA, wherein tax advantages are provided if take after retirement age. However, if taken earlier, penalties can be incurred.

One of the many ways that HSA can help you in your health insurance is when one have availed or enrolled in those with higher deductible, as HSA works hand in hand with these types of health insurance plans to help one save on medical expenses.

If you wonder, how this helpful medical saving HAS come into fruition, it was developed in replacement of the Medical Savings Account system. Signed by President George W. Bush on December 8, 2003, the HSA is a part of the Medicare Prescription Drug, Improvement, and Modernization Act.

How does the HSA work? It is way simple and easy to understand. Anyone like other person, the employer or the policyholder of an HSA-eligible high-deductible health plan itself ca deposit to an HSA. Any contributions made by the employer or employee can be made on a pre-tax basis through an employer. However, if this option is not available through an employer, post-tax basis for the contribution made is applied. The self-employed must note though that they are going to pay self-employment tax on their contributions.

All of the deposits made into an HSA will become the policyholder’s property regardless of its source. Deposited funds that are not used in the current year will be carried over to the next year. If ever the policyholder decided to end his or her HAS-eligible insurance coverage, he or she will immediately loose the eligibility to deposit funds. However, those funds that are already in the HAS will still be available for use.

HMO is a common word to every company. Many of us might ask what this three-letter word means. For the benefit of those who are still in confusion, HMO or the Health Maintenance Organizations are companies that take the responsibility in providing insurance for a large group of people, basically an employer group and people who have HMO health insurance obtained from their respective companies.

The insurance provided can be fulfilled to hospitals, doctors, and other practitioners and providers where the HOMO has a contract. With HMO, what is covered are those rendered services by providers who agreed to provide service to patience in accordance with the HMO’s restrictions and guidelines.

Majority of the HMOs require its members to select a primary care physician or PCP who will take charge of the medical services. Generally, PCPs are internists, pediatricians, family doctors, or general practitioners. In case of medical emergency, as long as according to HMO guidelines, patients are required to seek referral from the PCP for her or him to see a specialist or other provider.

HMOs also normally provide preventive care for a cheaper or affordable copayment or even for free to keep their member from developing a preventable condition, thus saving them from a possible great deal of services.

What are normally not covered with HMOs are preventive medical services like immunizations, well-baby checkups, mammograms, or physical exams. Other services that are not covered by HMO include services like outpatient mental health care or any costly form of care, treatment, or diagnosis. Other services that are almost never covered include those services that are not medically required like elective plastic surgery.

HMOs also do the case management to those patients with catastrophic cases identified and to those who have certain chronic diseases including asthma, diabetes, or cancer to make sure that the patient receives the appropriate treatment that he or she needs to prevent the condition from worsening and to make sure that no two service provider provide an overlapping care.

HMO comes in three different models or types, which include the staff model, group model, and the network model.

The staff model has physicians that are paid by and hold office in HMO buildings. Thus, these physicians are direct employees of the HMOs and all contracted to serve only HMO patients.

The group model on the other hand is a type of HMO that does not employ any physicians directly but do have contracts with a multi-specialty physician group practice who are then employing the individual physicians. The contracted group practice can be established by the HMO and will serve HMO patients only. On the other hand, HMOs may also contract with an existing independent group practice and will continue to serve non-HMO patients. This case made the group model HMOs considered to be closed panel for it requires the doctors to be members of the group practice to participate in the HMO. However, physicians may also contact independent practice associations that contracts with the HMO and continue to serve non-HMO patients. This case is an open panel HMO.

The third type is the network model wherein HMO will contract a combination of groups, IPAS, and individual providers.